JLL Leases 48 KSF at WPB Office Tower
- May 16, 2017
JLL closed 15 leases in the last six months at 1645 Palm Beach Lakes Blvd. in West Palm Beach, Fla., an 113,862-square-foot office building formerly known as the Sabadell Bank Building.
The leasing team, led by vice presidents Kevin McCarthy and Kevin Probel, secured more than 48,000 square feet of leases. They spearheaded the leasing and marketing efforts on behalf of the property’s owner, an affiliate of Brookwood Financial Partners LLC, a private equity real estate investment firm that invests in value-add commercial properties.
The property boasts a tenant roster including real estate, financial services, healthcare and law firms. One of the latest tenants is Trilogy Home Healthcare, an in-home health care services provider that will occupy 17,485 square feet. Other transactions include a 5,395-square-foot lease signed with Allied Universal Security Services, a provider of security services, systems and solutions. The tenant will be relocating its southeast regional headquarters from 5840 Corporate Way in West Palm Beach. Additionally, Coastal Construction will occupy a 4,276-square-foot space and is relocating from its current West Palm Beach office at 525 Okeechobee Blvd.
“As office supply in downtown West Palm continues to tighten, we are seeing more tenants looking to relocate from the Palm Beach Central Business District and Palm Beach Gardens area to submarkets offering more competitive rates and quality office space options,” said JLL’s McCarthy in prepared remarks.
Located within walking distance of several retail amenities, the 12-story office property is well-positioned to attract tenants looking for an institutionally managed building. Other notable tenants at 1645 Palm Beach Lakes include Sabadell United Bank, Steinger, Iscoe & Greene and ZEN Offices.
“Brookwood has been executing its business plan to improve occupancy at the asset, which includes significant upgrades to building common areas, HVAC and elevator systems, adding smaller ‘spec’ suites that are move-in ready for smaller users, and adding building amenities for tenants such as a new conference center,” said Matt Brown, asset manager at Brookwood Financial Partners, in a prepared statement.
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